Thai exports have continued to show strong signs with the sector growing 5.69 percent between January and April, the highest rate of growth in 6 years.
Director of the Trade Policy and Strategy Office (TPSO) Pimchanok Wonkorporn reported Thai exports valued 16.864 billion USD in April, 8.49 percent greater than the same period last year.
Total value over the first 4 months was 73.321 billion USD, 5.69 percent up on-year and the highest rate of increase in 6 years.
The strong figures were mostly due to a global economic recovery and Thailand’s policy of diversifying risk. By spreading out trade, the nation was both able to benefit from growth in China and ASEAN and to avoid downturns in other markets.
Imports in April were worth 16.808 billion USD, 13.4 percent up year-on-year. Trade balance in the month saw Thailand 56 million USD in surplus.
For the year, analysts see exports on an uptrend with clear indicators of recovery as fuel and farm goods prices rise. It is believed a growth rate of 5 percent will be met with the only major causes for concern political uncertainty and trade obstructions put up by the US.
Thai Car export in April drops 14.37 percent
Car export for the month of April dropped 14.37 percent to 68,900 units from last April’s 80,400 units, representing the lowest export in 48 months, said Mr Surapong Paisitpattanapong, spokesman of the automotive industry of the Federation of Thai Industries.
(source : ThaiPBS News)
He noted that the export decline was in line with a drop in car production, with production in April having dropped 12.85 percent to 120,000 units – the lowest production drop in 64 months.
Except for markets in Asia and Australia, car export to the rest of the world dropped in April in line with global economic slowdown.
Domestic car sale for the month of April increased 15.1 percent to 63,200 units compared to 54,900 units recorded for the same period last year, thanks to increased purchasing power from improved farm prices, introduction of new car models and motor exhibitions.
Mr Surapong, however, said the FDI still maintained the total car sale projection of two million units, including 1.2 million units for export and the rest for domestic consumption.
The FDI is optimistic car export for the remainder will pick up due to global economic recovery, especially in the United States.
How the COVID-19 situation may affect Thailand’s export sector
Thailand’s export sector could face damage of 200-300 billion baht if the situation cannot be brought under control within six months.
The Thai National Shippers’ Council has raised a concern that the export sector might face a 200-300 billion baht toll should the COVID-19 situation not be brought under control in six months, urging the government to speed up the vaccine rollout to all segments of the population.(more…)
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